SAN DIEGO—Boston-based Rockpoint Group LLC recently purchased the iconic Aventine office building and adjacent restaurant/retail property from an affiliate of the Blackstone Group of New York. The new owner plans to make major renovations to the 238,979-square-foot, 11-story, LEED Platinum Certified office building and adjacent retail property, located in the University Towne Centre submarket of San Diego.

The planned renovations are well timed. According to JLL research, the UTC submarket is experiencing the highest office rent growth in San Diego County, with a 16% increase year over year, as compared to approximately five and a half percent countywide. Moreover, vacancy remains in the single digits.

With the coveted top three floors available in 2016, the new owners will return luster and continuity to the 1990, Michael Graves-designed, iconic office property in order to reaffirm Aventine's place as one of UTC's most sought-after office addresses. Aventine is located at 8910 University Centre Lane.

“Previous owners have upgraded different parts of the property over the years, which created the need to bring uniformity to the project with a master renovation,” said Tony Russell, managing director at JLL and part of the leasing team for the property. “Rockpoint has engaged leading architecture firm, Gensler, to embark on the master renovation which will include a new building lobby, on-site amenities, extensive common area upgrades and new project signage.”

“The Aventine is unique as portions of its office space has 18-foot ceiling heights, which is extremely rare in UTC, as well as direct access to a large outdoor piazza that epitomizes the indoor/outdoor workplace environment that progressive businesses in Southern California seek,” said Bess Wakeman, Executive Vice President at JLL.

While the building was 94% leased at the time of sale, the departure of Center for Creative Leadership in April of 2016 will make approximately 30,000-square-feet of space available on the upper three floors. In addition to providing some of the best views in all of UTC, the planned transformation for these three floors includes exposed ceilings along with an open plan layout that will transcend the traditional conventions of office space. Additionally, the owners will make building top signage available.

Also included in the property sale was a 100% leased, 22,840-square-foot retail building on the Aventine mixed-use property, which houses four upscale restaurants: Flemings Steakhouse, Café Japengo, Trulucks and The Melting Pot.

Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco.